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Report No. : |
307048 |
|
Report Date : |
11.02.2015 |
IDENTIFICATION DETAILS
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Name : |
PAMIR TRADING FZC |
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|
|
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Registered Office : |
Warehouse Q4, No.
62, Saif Zone, P O Box: 120764, Sharjah |
|
|
|
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Country : |
United Arab Emirates |
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|
|
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
07.11.2006 |
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Legal Form : |
Free Zone Company - FZC |
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Line of Business : |
Import and Distribution
of General Foodstuffs, Including Tea, Coffee and Condensed Milk. |
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|
|
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No. of Employees : |
19 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made on
e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
UNITED ARAB
EMIRATES - ECONOMIC OVERVIEW
The UAE has an open economy
with a high per capita income and a sizable annual trade surplus. Successful
efforts at economic diversification have reduced the portion of GDP based on
oil and gas output to 25%. Since the discovery of oil in the UAE more than 30
years ago, the country has undergone a profound transformation from an
impoverished region of small desert principalities to a modern state with a
high standard of living. The government has increased spending on job creation
and infrastructure expansion and is opening up utilities to greater private
sector involvement. In April 2004, the UAE signed a Trade and Investment
Framework Agreement with Washington and in November 2004 agreed to undertake
negotiations toward a Free Trade Agreement with the US; however, those talks
have not moved forward. The country's Free Trade Zones - offering 100% foreign
ownership and zero taxes - are helping to attract foreign investors. The global
financial crisis, tight international credit, and deflated asset prices
constricted the economy in 2009. UAE authorities tried to blunt the crisis by
increasing spending and boosting liquidity in the banking sector. The crisis
hit Dubai hardest, as it was heavily exposed to depressed real estate prices.
Dubai lacked sufficient cash to meet its debt obligations, prompting global
concern about its solvency. The UAE Central Bank and Abu Dhabi-based banks
bought the largest shares. In December 2009 Dubai received an additional $10
billion loan from the emirate of Abu Dhabi. Dependence on oil, a large
expatriate workforce, and growing inflation pressures are significant long-term
challenges. The UAE's strategic plan for the next few years focuses on
diversification and creating more opportunities for nationals through improved
education and increased private sector employment.
|
Source
: CIA |
Company Name : PAMIR
TRADING FZC
Country of Origin : Sharjah,
United Arab Emirates
Legal Form :
Free Zone Company - FZC
Registration Date : 7th
November 2006
Trade Licence
Number : 04427
Issued Capital : UAE Dh
150,000
Paid up Capital : UAE Dh
150,000
Total Workforce : 19
Activities :
Distributors of general foodstuffs.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Vendana
Kamnani, Financial Controller
PAMIR TRADING FZC
Location : Warehouse Q4, No. 62, Saif Zone
PO Box : 120764
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5489796 / 5578842
Facsimile : (971-6) 5489797
Mobile : (971-50) 8442098 / 4404913
Email : sridhar@jvoverseas.ae
/ vital@unicom.ae / dharmesh@pamir.ae / vendana@unicom.ae
Subject operates from
a small suite of offices that are rented and located in the Saif Zone Area of
Sharjah.
Name Nationality Position
·
Radhakrishnan Baskaran
Indian Managing
Director
·
Elina Pugach Kazakhstani Director
·
Devanathan Sangpani - General
Manager
·
Dharmesh Kakad - Administration
Manager
·
Vendana
Kamnani - Financial
Controller
Date of Establishment : 7th
November 2006
Legal Form :
Free Zone Company - FZC
Trade Licence No. : 04427 (Expires 09/05/2015)
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
·
Radhakrishnan Baskaran 50%
·
Elina Pugach 50%
Activities: Engaged in the import and distribution of
general foodstuffs, including tea, coffee and condensed milk.
Import
Countries: Sri Lanka, India
and Kenya.
International Suppliers:
·
J V Gokal Pvt Ltd India
· Gokal Beverages
Ltd Kenya
Operating Trend: Steady
Subject has a
workforce of 19 employees.
Financial
highlights provided by local sources are given below:
Currency: United
States Dollars (US$)
Balance Sheet 31/12/12 31/12/11
Assets
Non-current assets
Long term loans 2,641,320 3,641,320
Total non-current
assets 2,641,320 3,641,320
Current assets
Trade receivables 9,281,887 9,943,944
Advances, deposits
and other receivables 110,363 174,766
Bank balances 9,029 21,889
Total current
assets 9,401,279 10,140,599
Total assets 12,042,599 13,781,919
Equity and
Liabilities
Equity
Share capital 40,872 40,872
Retained earnings 118,024 163,765
Total equity 158,896 204,637
Current liabilities
Trade and other
payables 11,883,703 13,577,282
Total current
liabilities 11,883,703 13,577,282
Total liabilities 11,883,703 13,577,282
Total equity and
liabilities 12,042,599 13,781,919
Profit & Loss Account
Sales 43,240,023 34,278,027
Cost of sales (36,868,180) (27,247,797)
Gross profit 6,371,843 7,030,230
Other income 1,207 130,024
Professional and
marketing service fees (6,686,000) (7,310,000)
Administrative
expenses (323,697) (168,986)
Finance costs - (154,591)
Interest income 680,906 584,321
Profit for the year 44,259 110,998
Other comprehensive
income - -
Total comprehensive
income for the year 44,259 110,998
Please note that
figures for the year ending 31st December 2013 were not available.
Local sources consider
subject’s financial condition to be Fair.
·
HSBC
Bank Middle East
PO Box: 25
Sharjah
Tel: (971-6) 5537222
Fax: (971-6) 5537880
No complaints
regarding subject’s payments have been reported.
During the course
of this investigation nothing detrimental was uncovered regarding subject’s
operating history or the manner in which payments are fulfilled. As such the
company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.96 |
|
|
1 |
Rs.94.41 |
|
Euro |
1 |
Rs.70.20 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
NB |
New Business |
-- |
|
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.